Edible oils rule steady on global cues

Our Correspondent Mumbai | Updated on March 22, 2013 Published on March 22, 2013


Firm trend continued in edible oils market on Friday. Domestic futures extended gain tracking firm Malaysian palm oil futures which rose the highest since February 25. In the physical market, despite higher volumes prices for most edible oils were steady, barring palmolein and rapeseed oil which gained Rs 2 and Rs 6 for 10 kg each.

During the day about 4,000-4,500 tonnes of edible oils were traded by stockists taking cues of leading industry analyst who sees Malaysian palm oil stocks declining below 20 lakh tonnes till June and weak Malaysian currency will support palm oil prices to go up further, said traders.

Towards the day’s close, Liberty was quoting palmolein at Rs 512-514 and Rs 515 for April, super palmolein Rs 550 and sunflower refined oil Rs 780. Ruchi was quoting palmolein at Rs 515 ex-Patalganga for April 15, soyabean refined oil Rs 641 and sunflower refined oil Rs 771. Allana quoted super palmolein Rs 548. In Saurashtra – Rajkot, groundnut oil ruled steady at Rs 1,815 for telia tin and Rs 1,180 for loose (10 kg).

On the NCDEX, soyabean refined oil’s April futures extended gain further by Rs 5 to Rs 681.45, May higher by Rs 5.80 at Rs 675.20 and June by Rs 6.15 to Rs 673.75.

Malaysian BMD crude palm oil’s April contracts closed higher at MYR 2,462 (MYR 2,436), May at MYR 2,483 (MYR 2,449) and June at MYR 2,494 (MYR 2,456) a tonne.

The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,200 (1,200), soya refined oil 640 (640), sunflower exp. ref. 685 (685), sunflower ref. 765 (765), rapeseed ref. oil 700 (694), rapeseed expeller ref. 670 (664) cottonseed ref. oil 605 (605) and palmolein 507 (505).

Vikram Global Commodities, Chennai quoted for Malaysian super palmolein at Rs 560 ex-Chennai for April delivery.

Published on March 22, 2013
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